on housing. hopefully it will start. it pays a nice dev did i understand. >> it is it pricey and strauled higher than it has been. thanks for watching. keep it right here. cherul casony is next. houp this can solve this. all out frenzy as millions race to play the powerball lottery and pump millions to several state governments and now someone is calling to create a nation lottery to pay down the debt. if washington is not coming up with new ideas why not debate it i am cheryl casone and welcome to cash in .

we have johnathon and tracey and john . jill joining us. wayne we'll start with you. is it time for a national lottery to pay down the federal debt same time. >> a question why not. if it works with the state governments. why not the federal government and make it a big and huge one and any little niche that you can knock down the deficit is good. >> okay, but john, what happens to the states. we are finding out that california is signing up for powerball because of the revenues that they get. is it bad for states. >> it is really bad for states. wayne has much chance of winning the lottery as geth through a comment without johnathon interrupting. >> zero. >> and the problem you have with this. this could be a billion dollar jack mots and huge and going

to kill the state lottos and in the stouthern states. they were sold as a way of funding education . that didn't happen. they are dependent on the general fund. cash strapped states that depend on the lotto, you will cripple the funding for the states is it a bad idea. it robs peter to pay paul. >> johnathon, you wouldn't be cutting wayne off. >> i am keeping quiet. wayne has to check his calculator. 580 million jackpot would pate zero.zero 3 percent of the national debt. we don't need a new plan to pay off the debt. we need a new philosophy and not exasbrate the debt. in a fully free society a lottery is a great way to fund the because it is voluntary. they would gladly to pay it to

protect people's rights. >> it doesn't cover the whole bill. every little bit counts and i kind much i love you john, but i disagree. if anybody was sucker enough to buy a powerball they will spend two dollars in the national level because the pot is bigger. people who are inclined to pay will play regardless of state and national. you can create lottos around the world. people will play. >> you can't win if you don't play. julian is it a good idea? it is bantered before. national lottery and now only 7 states are left that don'tine do the powerball for instance. >> i hate to agree with john. i just on principle but he is right. this is a rounding error when it comes to the national debt. we are talking about a 16 trillion debt. this is it a rounding error.

one way to reduce the national debt which is a combination of spending cuts and revenue increases. obama put on the table two trillion in spending cuts and we'll find another trillion in revenue increases and every economist is unanimous. that the way of increasing revenue is going after the top two percent. >> well, i don't know. wayne, i heard a lot of ideas about sphending coming out. >> julian, you need to run for public office. you are the perfect kind of guy that thinks of million of dollars is a rounding error. that's what congress thinks. you can run and so you can steal from the public like they do. >> it is it wayne let me respond. it is it a rhetorical game you played there. but in reality if you have the biggest largest lottery that the world has known, you will not make a slightest dent in the debt.

>> who cares. when you get out of the chair and walk to the door you have to start somewhere. every bit counts. i took three trillion steps that you didn't take to identify how to deal with the debt problem. >> that's not the reason. i can give you reasons to deal with that. yes, raise taxes and you can cut spinding automatically. if i were president and i said to everybody. take a 10 percent cut off of the top. i don't care how you get there, do it. >> i want to bring in john layfield again. i want to go back to his point. i agree with you. that the states who are about to get socked with obama care are going to neeled the revenues moving forward and this would be horrible for the statings. if all of the millions they are pulling in are taken away.

>> i disagree with my friend tracey. people are going to choose. if they have i think that is it going to go. unlike the federal government. you take away the lotto money. first thing they will do they cut employees . it is it state government and federal government funded by the lottery. there is a defense between taxes that are forced and lottery which is it. and i think the point. >> there is no way. if you make it voluntary. >> i can't hear anybody! >> and the bigger point here, you got to start somewhere.

anybody who comes wup a solution. if it doesn't cover the full pad they slam it down and they say it will not work it is all about the baby steps. we are so screwed up. >> i disagree with that. >> a two dollar lottery. why is it ridiculous julian. >> you are talking about raising billions and we have to raise four trillion. >> that's not the only thing to do. >> it is it nolt. we'll not have a cookie today because i am trying not lose five pounds for the moll day. >> it is not funny. the fact of the matter we are taking big steps this is between two or three trillion debt reduction package. it is significant things. we are nolt dealing with

serious other thans right now. >> we are throwing big nbc out there. three trillion over three years and why not hundred years and call it 30 trillion. we are not making a team it is not making a dent. >> wayne, i know you are a huge fan of congress. it is what they would probably blow it >> john's point it would rob the states is not true. we know since vegas had gambling by themselves other states had gambling. it is comitition . and secondly. every step that you can take to reduce the deficit is good.

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>> college loans getting a failing grade. initiative deling quent student loan are surpassing the deling quent credit card bances. >> it bothers me on so many levels and not because of my

three kids going to college. we have an economic issue. kids are coming out of college and no job to pay off the loan. their disposable income is lower. they will be living at home . can't bay the first car or tv or anything. the only reason they have loans, college hike tuition because they get free government money to pay for it. >> john than what does that do to the economy over all? >> it hurts the economy. any time the government involves in ethanoyl or kid's education or health care or housing it lead toz destruction. the pearl student loan went up five percent. 85 percent of that is held by the government. 10 percent delingquency and goes to 15 or 20 and the taxpayer is is left on the

bottom floor. >> julian, you think the government should get out of student loan business. that is rough the payment of debt. >> i think everyone agreed that a college education is critical to the country's competiveness. if you have a college education you are less unemployment and will earn more income. we need to reform the system. we took banks out as middle man and republicans opposed that . we need to cut the waste out. let me finish the point fimay. the law signed will give students flexibility to pay back under the condition they pay back the loans and that is important reform as well tracey is right. the principle issue is whether kids coming out of the college have an opportunity to get a job. that's what we need to fix. >> john than, i want to go to wayne rogers. john thob's education in the

bahamas aside. education is important for all of the kids, but the debt is bad for all of us. that is a bigger problem here. >> there has to be a happy medium. i agree with julian. you have to educate the public and we have to have a better way to run it. the federal government can run it any better than anybody else. there is so many ways for a kid to go to college to apply for all kinds of scholarships and either thingings andine if student lones and i worked in college. i had a loan and i worked to help pay off that loan while in college. there are ways to correct the system to make it work. john you know kids don't have the same advantages . they need the help and from government to get through at a

shot of a good life. and i preach to my kid and i work for them every day and preach to them how muchadeser it is to get a job . julian, you don't have to shot at the republicans. we know you hate them. the issue is bigger than that and both sides have not done much for the guidance of the kids. we have a trillion in student loan debt right now. >> hold on let john finish, guyings. >> these kids need to have guidance and once they get to college. that's what we try to give them when they go to college you can't take out a student loan debt with no way to pay it off. figure out what you will do as far as a job and that is the hard part. >> let me go to tracey on this. overall arching issue is the amount of debt. you are right. kids can't get jobs and what is happening, the economii

speciallilet younger demographic economy is suffering and that hurts the entire country. >> it hurts everyone. the universities and colleges are taking advantage of the viability of free money f. it was not there kids would not have the problem. there are kids that were in college and watched their tuition rise. they have to go back to the government well. but it is the fault of the universitis and colleges that take advantage. >> cost control, john than. >> the reason it goes up is 42 loan government. no one is disputing the value of education. but the question is government funding that education it is not part of the american candidate at all it started in the 1950s and 60s and gotten bigger ever since. the notion that government should fund a college education and kids have a right to it is a new phenom

nam. >> and without federal system hundreds of thousands of millions was college students could not go to college. >> you are right. bahamas and mexico, whatever. good job. coming up. china's plan . should america import now to create jobs here. uge savings during our cyber week sale at basspro.com. check in every day for amazing web buster specials. plus, get free shipping on orders of $75 or more. has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. [ male announcer ] it's that time of year again. medicare open enrollment.

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>> hemo, everybody. i am we are following breaking news out of kansas city,

missouri. police say a 25 year old nfl player is involved in two shootings. they responded to the girlfriend's home where they found her shot and she later died. the player reportedly killed himself when the police approached him in the parking lot. the stadium is on lock down at this time. more news out of florida. a double-decker bus hit an overpass in the miami international airport. two dead and 30 injured. >> the country going over the fiscal cliff and the talks are at a stand still for president obama portrage republicans scrooges and the republicans are waiting for a serious proposal. pat buchanan wants the gop to stand firm with no new taxings. >> ditching the business tax for a national sales tax.

it is spurring growth and putting people to work there. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is doing . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not production. the only thing i like about communist china is the chicken but the corporate next tax must go and think of how much more wealth and jobs we would have if it add more to the profits every year. >> julian, what do you make of >> the reason a national sales tax is good it is harder to

cheat on and the reason it is it bad. economy growing at 2.4 percent. it would not stimulate the commempt i like the bus tax cutos the top two percent than the valuattedad tax. all of the economic data said if you let them expire you will have no impact on job creation and no impact on gdp formation. and no impact on reducing the deficit by the way. >> we are talking about that? >> it is it tracey what do you think? hold on, guys. tracey, this means businesses are off of the hook. >> i love it but i know we would tack it on to the other taxes . add that to the pile. if we get rid of everything else and focus on this it could work briviantly. it would be hard to wrap tup. >> john, last word to try to

get it right. >> china did get it right. 500 billion that is over 10 years. we have a 1.3 dev cent. that doesn't pay the interest on that. this is a fair tax and we take away food and certain things so it is not regressive against the poor and national sales tax is the way to go. >> why not make the argument about powerball and not the other way. it is inconsistent. >> it is not inconcestent. >> powerball it doesn't even begin to come close to 500 billion. if you take top two percent. >> julian. it is powerball. >> we, we, we folks. >> you add that with the spending cuts and talking about three trillion over three years that. is it serious debt reduction. >> we are so stuck on the lottery on the show because none of us won.

julian epistein thank you. >> and thank you for having me. >> coming up. a new health care plan to cut waste and long waits in the doctor's office. a holiday deal . you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. but when i was in an accident... break from the holiday stress. i was worried the health care system spoke a language all its own

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>> it is time for what you need to know for next week. tracey burns. uk doing business via scipe -- skype. you can dedect a snivel over the computer. >> don't have to get out of your pajamas. john lay field what have you gompt >> julian said republicans are worthless. i think they are all worthless. who knows what is going to happen. inin sectorings. >> i am like john. this is aon making air conditioning equipment and i owned the stock over 20 years and small company and does well. >> aaon is the ticker. >> sometimes you have to